Axis Bank launches subsidiary in UK

Statesman News Service | July 14, 2013 4:28 pm

STATESMAN NEWS SERVICE
Kolkata, 14 July
Expanding its overseas operations, country’s third-largest private sector lender Axis Bank has announced the launch of its UK subsidiary ~ Axis Bank UK Limited ~ to commence banking operations in the United Kingdom.
The bank received approvals from UK regulators to start its banking business, including deposit taking, loans, advances and investments, on 19 April 2013.
Subsequent to the bank receiving permission to start operations in the United Kingdom, it has set up a branch on King Street in London, Axis Bank said in a Press release issued here.
Speaking on the launch, Ms Shikha Sharma, MD & CEO, Axis Bank and the chairperson of Axis Bank UK Limited, said: "The opening of the subsidiary is a key milestone for us as the United Kingdom is an important destination for many overseas Indian companies."
Mr Cyril Anand, MD & CEO, Axis Bank UK Limited, said: "The bank would participate in corporate banking, retail banking and leverage business opportunities available in the UK and the rest of European Economic Area (EEA)."
With its presence in the major financial hubs in Asia, the bank is in a position to complement the business arising from the UK and participate in and contribute meaningfully to the economic growth of the country, he added.
With this branch, the bank’s overseas presence has grown to eight foreign offices. It has four branches ~ one each in Singapore, Hong Kong, DIFC (Dubai) and Colombo (Sri Lanka), three representative offices at Shanghai (China), Dubai and Abu Dhabi and an overseas subsidiary in London, the UK.